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Nexstar MEDIA GROUP , INC . NEXSTAR MEDIA GROUP REPORTS RECORD THIRD QUARTER NET REVENUE OF $ 1,157.0 MILLION Net Revenue Drives Q3 Operating Income of $ 277.4 Million , Net Income of $ 169.2 Million , Adjusted EBITDA of $ 410.4 Million and Free Cash Flow of $ 251.7 Million Acquired Digital Media Political News Platform , The Hill ; Launched New Multicast Network , Rewind TV , to 50 Million Homes ; and , Expanded Original Programming on National Cable News Network , NewsNation Returned $ 173.6 Million to Shareholders in the Third Quarter in the Form of Share Repurchases and Dividends - IRVING , Texas November 2 , 2021 - Nexstar Media Group , Inc. ( NASDAQ : NXST ) ( " Nexstar " or " the Company " ) today reported financial results for the third quarter ended September 30 , 2021 as summarized below : Summary 2021 Third Quarter Highlights Three Months Ended September 30 , Nine Months Ended September 30 , ( $ in thousands ) 2021 2020 Change Core Advertising Revenue $ 432,696 $ 381,929 Political Advertising Revenue 12,387 132,387 2021 + 13.3 % $ 1,267,868 ( 90.6 ) % 26,306 2020 $ 1,097,548 209,294 Change + 15.5 % ( 87.4 ) % Total Television Advertising Revenue $ 445,083 $ 514,316 ( 13.5 ) % $ 1,294,174 $ 1,306,842 ( 1.0 ) % Distribution Fee Revenue 618,855 538,376 + 14.9 % Digital Revenue 81,076 55,231 + 46.8 % 1,857,039 220,887 1,624,636 + 14.3 % 158,332 + 39.5 % Other Revenue 11,998 10,280 Net Revenue $ 1,157,012 $ 1,118,203 + 16.7 % + 3.5 % $ 3,402,533 30,433 34,848 ( 12.7 ) % $ 3,124,658 + 8.9 % Income from Operations $ 277,379 $ 343,597 ( 19.3 ) % $ 850,627 $ 844,865 + 0.7 % Net income 169,157 $ 189,313 ( 10.6 ) % $ 568,108 445,148 + 27.6 % Adjusted EBITDA Before Transaction and Other One - Time Expenses ( 1 ) $ 413,098 $ 460,874 Adjusted EBITDA ( 1 ) 410,447 443,588 Adjusted EBITDA Margin ( 2 ) 35.5 % 39.7 % ( 10.4 ) % $ 1,405,354 ( 7.5 ) % 1,400,614 41.2 % $ 1,324,328 1,294,160 + 6.1 % + 8.2 % 41.4 % Free Cash Flow Before Transaction and Other One - Time Expenses ( 1 ) $ Free Cash Flow ( 1 ) 254,375 $ 251,724 223,186 219,005 + 14.0 % $ + 14.9 % 921,129 $ 916,389 853,980 836,917 + 7.9 % + 9.5 % The contribution from Nexstar's 31.3 % ownership stake in TV Food Network and other investments is included in the Condensed Consolidated Statements of Operations under caption " Income from equity method investments , net " while revenue from NewsNation ( formerly WGN America ) is included in core advertising revenue and distribution fee revenue . ( 1 ) Definitions and disclosures regarding non - GAAP financial information including reconciliations are included at the end of the press release . Effective November 1 , 2020 , the Company combined its broadcast and digital operations and no longer reports broadcast cash flow . However , investors can calculate a comparable metric for the combined broadcast and digital operations by adding back corporate expense to Adjusted EBITDA . ( 2 ) Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue .